First of all, I would like the hon'ble Finance Minister for various reforms in the Tax regime. However, I would like to say that the system of Income Tax is totally irrational. Whereas the Government employees are put in the frame work successfully, the business community keeps on enjoying higher income & more or less zero income tax due to lack of efficient mechanism. Income Tax should be linked with status of an individual in regard to his say with Government machinery, loan eligibility, purchase of property, witness/guarantor and several other important utility works. The formats should also be made most simplified, even more than SARAL form used earlier. Besides, Income Tax payees should also be given free medical aid after their retirement, as per income tax paid in his past life. Rather, a scheme such as Medical Insurance/Life insurance should be linked to encourage others as well.
I hope that FM would really like some work on the above suggestions.
